Zacks Research Has Negative Outlook of Tesla FY2024 Earnings

Tesla, Inc. (NASDAQ:TSLA - Free Report) - Zacks Research dropped their FY2024 earnings estimates for shares of Tesla in a report released on Thursday, January 23rd. Zacks Research analyst R. Singhi now expects that the electric vehicle producer will post earnings per share of $1.96 for the year, down from their prior estimate of $2.06. The consensus estimate for Tesla's current full-year earnings is $2.82 per share. Zacks Research also issued estimates for Tesla's Q4 2024 earnings at $0.58 EPS, Q4 2025 earnings at $0.66 EPS, FY2025 earnings at $2.78 EPS, Q2 2026 earnings at $0.89 EPS, Q4 2026 earnings at $0.83 EPS and FY2026 earnings at $3.56 EPS.

Several other equities analysts have also recently commented on the company. Bank of America cut Tesla from a "buy" rating to a "neutral" rating and upped their price target for the company from $400.00 to $490.00 in a report on Tuesday, January 7th. Stifel Nicolaus boosted their price objective on Tesla from $411.00 to $492.00 and gave the stock a "buy" rating in a report on Monday, January 6th. HSBC restated a "reduce" rating and set a $124.00 price objective on shares of Tesla in a report on Friday, October 11th. Piper Sandler increased their target price on Tesla from $315.00 to $500.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 21st. Finally, Roth Mkm upgraded Tesla from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $85.00 to $380.00 in a report on Monday, December 2nd. Eight investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Tesla has a consensus rating of "Hold" and an average price target of $318.31.

Tesla Stock Performance

Shares of TSLA stock traded up $4.36 during trading hours on Monday, reaching $404.64. 78,215,271 shares of the company's stock were exchanged, compared to its average volume of 75,066,414. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 198.35, a P/E/G ratio of 8.08 and a beta of 2.30. Tesla has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The business has a fifty day moving average price of $403.18 and a 200-day moving average price of $297.99. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.54% and a net margin of 7.26%.

Institutional Investors Weigh In On Tesla

A number of institutional investors and hedge funds have recently made changes to their positions in TSLA. Geode Capital Management LLC raised its holdings in shares of Tesla by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer's stock valued at $15,469,792,000 after acquiring an additional 1,022,589 shares in the last quarter. FMR LLC raised its stake in Tesla by 3.5% in the third quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer's stock valued at $6,473,008,000 after purchasing an additional 828,308 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Tesla by 13.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer's stock valued at $6,377,970,000 after purchasing an additional 2,946,763 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Tesla by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer's stock valued at $4,328,884,000 after buying an additional 301,968 shares in the last quarter. Finally, Jennison Associates LLC raised its position in Tesla by 11.9% during the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer's stock valued at $3,192,203,000 after purchasing an additional 1,294,093 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $300.37, for a total value of $2,402,960.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company's stock, valued at approximately $31,548,461.84. This represents a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $26,727,400. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 553,386 shares of company stock valued at $196,305,796 over the last three months. 20.70% of the stock is currently owned by insiders.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.